Malaysia’s largest bank, Maybank, has raised the retirement age for all its management staff from 55 to 57. Still, employees will have to submit an application six months before they reach 55 if they wish to remain with the bank.
Company president and CEO Datuk Seri Abdul Wahid Omar says the bank decided to extend the retirement age for all employees by another two years, based on the feedback received.
Also, with immediate effect, all female management staff will also enjoy a 90-day paid maternity leave as against 60 days previously. With this, the banking industry has become the first in the country to implement a 90-day maternity leave for its female employees.
Non-management staff will also get a Cost-of-Living allowance between RM100 (US$31) and RM150 (US$46) depending on their place of work.
Maybank has close to 40,000 employees.